What was the total amount of non-current liabilities for Crab N Spice as of December 31, 2023?
Crab_N_Spice Franchise · 2024 FDDAnswer from 2024 FDD Document
OF DECEMBER 31, 2023 & DECEMBER 31, 2022 & DECEMBER 31, 2021 BALANCE SHEET
| 12/31/23 | 12/31/22 | 12/31/21 | ||
|---|---|---|---|---|
| ASSETS | ||||
| CURRENT ASSETS | ||||
| Cash and Cash Equivalents | $ 224 | $ 1,683 | $ 46,524 | |
| Due from Affiliate | 152,840 | 132,232 | 52,374 | |
| Accounts Receivable | 67,606 | 38,871 | 7,757 | |
| TOTAL CURRENT ASSETS | 220,669 | 172,786 | 106,655 | |
| NON-CURRENT ASSETS | ||||
| TOTAL NON-CURRENT ASSETS | - | - | - | |
| TOTAL ASSETS | 220,670 | 172,786 | 106,655 | |
| LIABILITIES AND OWNER'S EQUITY | ||||
| CURRENT LIABILITIES | ||||
| Due to Affiliate | 62,698 | 113,689 | 46,808 | |
| Company Credit Card | 32,662 | 34,685 | 4,731 | |
| Payroll Liabilities | 10,535 | - | - | |
| TOTAL CURRENT LIABILITIES | 105,895 | 148,374 | 51,539 | |
| NON-CURRENT LIABILITIES | ||||
| TOTAL NON-CURRENT LIABILITIES | - | - | - | |
| TOTAL LIABILITIES | 105,895 | 148,374 | 51,539 | |
| OWNER'S EQUITY | ||||
| Retained Earnings (Deficit) | 142,505 | 28,918 | 42,474 | |
| Net Income (Loss) | (27,731) | (4,507) | 12,642 | |
| TOTAL SHAREHOLDERS' EQUITY | 114,774 | 24,411 | 55,116 | |
| TOTAL |
Source: Item 21 — FINANCIAL STATEMENTS (FDD pages 40–50)
What This Means (2024 FDD)
According to Crab N Spice's 2024 Franchise Disclosure Document, the company's balance sheet provides a snapshot of its financial position as of December 31, 2023. Specifically, it lists the assets, liabilities, and equity for the business. Liabilities are further broken down into current and non-current liabilities. Current liabilities are obligations due within one year, while non-current liabilities are those due beyond one year.
As of December 31, 2023, Crab N Spice's total non-current liabilities were reported as zero. This means that the company had no long-term debt or other obligations due more than one year from that date.
For a prospective franchisee, this indicates that Crab N Spice did not have significant long-term financial obligations on its books at the end of 2023. This could be a positive sign, suggesting the company is not burdened by substantial debt. However, it is important to consider this in the context of the company's overall financial health and to review subsequent financial statements to identify any changes in its liability structure.